The Financial Conduct Authority (FCA) has confirmed it is looking into certain firms that have increased the number of defined benefit (DB) transfers they are undertaking.
More specifically, it is looking into firms that are undertaking what it considers 'a lot of transfers' - no specific number has been set as a trigger point however. Whether a firm requires looking into is decided by the regulator on a case-by-case basis. New research indicated almost three quarters (71%) of advisers expected transfer demand to increase in the next 12 months by approximately a third. Not a 'review' Referred to as a ‘multi firm supervision exercise' on DB transfers, the FCA's move is not part of a review, but of ongoing supervisory work, the regulator said. As ...
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